As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by TheHill.com:
Senate Finance Committee Chairman Ron Wyden (D-Ore.) on Friday announced Democrats’ “Plan B” to raise the minimum wage after the Senate parliamentarian ruled that an earlier proposal from House Democrats to raise the federal minimum wage $15 an hour did not meet special budgetary rules.
Wyden is proposing a workaround solution that would impose a 5 percent tax penalty on large corporations if any of their workers earn less than a certain amount, with the penalty increasing over time.
The article goes on to state the following:
The language would ensure that large companies would have a significant financial incentive to raise wages, even if they are not mandated by law to pay employees more than the current federal minimum wage of $7.25 an hour.
“I’m exploring a tax penalty for mega-corporations that refuse to pay a living wage. This isn’t over,” Wyden declared in a Twitter post Friday morning.
I’m exploring a tax penalty for mega-corporations that refuse to pay a living wage. This isn’t over. https://t.co/r78iNFE7sO
— Ron Wyden (@RonWyden) February 26, 2021
Sen. Bernie Sanders also suggested a similar plan in a statement Thursday night, declaring he will be pushing an amendment “to take tax deductions away from large, profitable corporations that don’t pay workers at least $15 an hour.”
I strongly disagree with tonight’s decision by the Senate Parliamentarian. But the fight to raise the minimum wage to $15 an hour continues. pic.twitter.com/pGwrYKjOel
— Bernie Sanders (@SenSanders) February 26, 2021
To get more information about this article, please visit TheHill.com.
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